TieCheng Yang, Yang Chen, Scarlett Zhang, Virginia Qiao, Zhenyu Wang and Shuozhu Zheng
To introduce the Securities Law of the People's Republic of China (the “Securities Law 2019”) revised on 28 December 2019, and provide a detailed analysis on its key implications…
Abstract
Purpose
To introduce the Securities Law of the People's Republic of China (the “Securities Law 2019”) revised on 28 December 2019, and provide a detailed analysis on its key implications to the securities regulatory regime and market activities, especially securities issuance and trading activities in China.
Design/methodology/approach
This article starts from a historical overview of the Securities Law and its several revisions and amendments, highlights the notable core revisions in the Securities Law 2019, analyzes the key legal and regulatory impacts to the securities-related activities and market players, and finally, provides an outlook to the future developments of securities regulatory regime in conformity with the Securities Law 2019.
Findings
This article concludes that the revisions made to the Securities Law 2019 cover a broad range of issues including the issuance and trading of securities, acquisition of a listed company, information disclosure, securities registration and settlement, etc. Such revisions to the Securities Law will lead to far-reaching and profound implications on the securities regulatory system and industry practice in China.
Practical implications
The Securities Law 2019 attracts broad attention from securities market players as well as relevant professionals of the industry, including securities lawyers. As this is a novel and hot topic within the industry, it is important for securities lawyers to keep on track.
Originality/value
High-level guidance from experienced lawyers in the Capital Markets and Financial Regulation practices.
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Bin Xie, Zhenyu Wang, Yiling Xu and Libing Cui
Emergencies have become a growing concern for organizations, which require flexibility to respond to changes in emergencies based on their contingency, dynamic evolution rapidly…
Abstract
Purpose
Emergencies have become a growing concern for organizations, which require flexibility to respond to changes in emergencies based on their contingency, dynamic evolution rapidly and other characteristics. In order to enhance the ability of engineering project organizations to cope with emergencies, this study explores the mechanism of its influence on knowledge innovation under emergencies from the perspective of bricolage theory, and provides a new perspective for the traditional preplanning-based handling of emergencies by improvising to enhance the ability and results of improvisation.
Design/methodology/approach
Firstly, a structural equation model of the relationship between bricolage and knowledge innovation was constructed by introducing improvisational behavior and serendipity as mediating and moderating variables of the relationship between bricolage and knowledge innovation based on bricolage theory; secondly, drawing on previous well-established measurement scales about bricolage, improvisational behavior, knowledge innovation and serendipity, a questionnaire survey was conducted with different types of engineering project managers and technicians in Gansu Province as the research subjects, and 238 valid questionnaires were returned; finally, validation factor analysis and correlation analysis were performed, and the hypothesized relationships were verified using AMOS 24.0 software.
Findings
The results show that bricolage positively influences improvisational behavior; improvisational behavior positively influences knowledge innovation; bricolage positively influences knowledge innovation; bricolage influences knowledge innovation through the mediating role of improvisational behavior and serendipity positively moderates the impact of resource bricolage on knowledge innovation.
Originality/value
It reveals the mechanism of knowledge innovation of engineering project organizations in response to emergencies and the innovation mechanism of the episodic nature of emergency decision-making, extends the applicable context of bricolage theory and provides a new perspective for engineering project organizations in response to emergencies.
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Zhiping Hou, Jun Wan, Zhenyu Wang and Changgui Li
In confronting the challenge of climate change and progressing towards dual carbon goals, China is actively implementing low-carbon city pilot policy. This paper aims to focus on…
Abstract
Purpose
In confronting the challenge of climate change and progressing towards dual carbon goals, China is actively implementing low-carbon city pilot policy. This paper aims to focus on the potential impact of this policy on enterprise green governance, aiming to promote the reduction and balance of carbon emissions.
Design/methodology/approach
Based on the panel data of China's large-scale industrial enterprises from 2007 to 2013, this paper uses the Difference-in-differences (DID) method to study the impact and path mechanism of the implementation of low-carbon city pilot policy on enterprise green governance. Heterogeneity analysis is used to compare the effects of low-carbon city pilot policy in different regions, different enterprises and different industries.
Findings
The low-carbon pilot can indeed effectively enhance corporate green governance, a conclusion that still holds after a series of robustness tests. The low-carbon city pilot policy mainly enhances enterprise green governance through two paths: an industrial structure upgrade and enterprise energy consumption, and it improves green governance by reducing enterprise energy consumption through industrial structure upgrade. The impact of low-carbon city pilot policy on enterprise green governance shows significant differences across different regions, different enterprises and different industries.
Research limitations/implications
This paper examines the impact of low-carbon city pilot policy on enterprise green governance. However, due to availability of data, there are still some limitations to be further tackled. The parallel trend test in this paper shows that the pilot policy has a significant positive effect on the green governance of enterprises. However, due to serious lack of data in some years, the authors only selected the enterprise data of a shorter period as our experimental data, which leads the results to still have certain deficiencies. For the verification of the impact mechanism, the conclusions obtained in this paper are relatively limited. Although all the mechanism tests are passed, the reliability of the results still needs to be further tested through future data samples. In addition, as the pilot policy of low-carbon cities is still in progress, the policy can be tracked and analysed in the future as more data are disclosed, and further research can be carried out through dimensional expansion.
Practical implications
Low-carbon city pilot policy plays an important role in inducing the green governance of enterprises. Therefore, policy makers can continue to strengthen the construction of low-carbon city pilots by refining pilot experience, building typical cases, actively promoting pilot policy experience, expanding pilot scope and enhancing the implementation efficiency of pilot policy nationwide, which will contribute to the optimization and upgrading of the regional industrial structure at the urban level and will provide experience and reference for the synergistic implementation plan of pollution reduction and carbon reduction.
Social implications
The impact of the low-carbon city pilot policy on enterprise green governance not only exists in two separate paths of urban industrial upgrading and enterprise energy consumption but also exists in a chain transmission path from macro to micro. The authors find that the effect value of each influence path is different, and there is an obvious leading influence path for the role of enterprise green governance. Therefore, in the process of implementing a low-carbon city pilot policy, policies should be designed specifically for different mechanisms. Moreover, complementing and coordinating several paths should be advocated to give full play to the green governance effect of enterprises brought by different paths and to further expand the scope of industries and enterprises where policies play a role.
Originality/value
To the best of the authors’ knowledge, for the first time, this paper connects macro mechanisms with micro mechanisms, discovering a macro-to-micro transmission mechanism in the process of low-carbon city pilot policy affecting enterprise green governance. That is, the low-carbon city pilot policy can facilitate industrial structure upgrading, resulting in reduced enterprise energy consumption, ultimately enhancing enterprise green governance.
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Rui Liu, Wanzhong Zhao, Zhenyu Wang and Xiaqing Liu
This study aims to contrastively investigate the effects of biodiesel and diesel on the power, economy and combustion characteristics of a compression ignition aviation piston…
Abstract
Purpose
This study aims to contrastively investigate the effects of biodiesel and diesel on the power, economy and combustion characteristics of a compression ignition aviation piston engine for unmanned aerial vehicles.
Design/methodology/approach
Biodiesel used as alternative fuel will not be mixed with diesel during experimental study. Pure diesel fuel is used for the comparative test. Same fuel injection strategies, including pilot and main injection, are guaranteed for two fuels in same test points.
Findings
The engine-rated power of biodiesel is lower than diesel, which results in higher specific fuel combustion (SFC) and effective thermal efficiency (ETE). Biodiesel has the faster burning rate, shorter combustion duration. The crank angle of 50% mass fraction burned (CA50) is earlier than diesel. The ignition delay angle of biodiesel and diesel in the pilot injection stage is almost the same at high engine speed. As the speed and load decrease, the ignition delay angle of biodiesel in the pilot injection stage is smaller than diesel. At 100% high load conditions, the fuel-burning fraction of biodiesel in the pilot injection is the same as diesel. The peak heat release rate (HRR) of biodiesel is slightly lower than diesel. At 20% part load conditions, the fuel-burning fraction of biodiesel in the pilot injection stage is lower than diesel. Because of the combustion participation of unburned pilot injected fuel, the peak HRR of biodiesel in the main injection is equal to or even higher than diesel.
Originality/value
The application feasibility of alternative fuel and its effects on aviation engine power, economy and combustion characteristics will be evaluated according to the “drop-in“ requirements and on the low-cost premise without changing the aviation engine structure and parameters.
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Abstract
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Soubaneh Omar Bouh and Hülya Ünlü
The main purpose of this study is to see the effects of Information Communication Technology (ICT) on a firm's innovation performance in sub-Saharan Africa (SSA). The objective of…
Abstract
The main purpose of this study is to see the effects of Information Communication Technology (ICT) on a firm's innovation performance in sub-Saharan Africa (SSA). The objective of this study is twofold: First, it aims to analyze the impact of ICT applications on firms' innovative behavior and whether firms using ICT applications more intensively are also more innovative. Second, and more essentially, it assesses empirically the impact of ICT applications on firms' innovative performance in sub-Saharan African countries by using instrumental variable probit model. Therefore, we used data from the 2013 enterprise survey (Business Environment and Enterprise Performance Survey (BEEPS)). According to our results, the most important ICT tools are emails and using the internet for online sales. Firms who have IT Teams are not creating any difference; however, if a firm purchase or develop in-house any software then they are more likely to produce innovation than the other firms.
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Michael E. Drew, Tony Naughton and Madhu Veeraragavan
In this article we compare the performance of the traditional CAPM with the multi factor model of Fama and French (1996) for equities listed in the Shanghai Stock Exchange. We…
Abstract
In this article we compare the performance of the traditional CAPM with the multi factor model of Fama and French (1996) for equities listed in the Shanghai Stock Exchange. We also investigate the explanatory power of idiosyncratic volatility and respond to the claim that multi factor model findings can be explained by the turn of the year effect. Our results show that firm size, book to market equity and idiosyncratic volatility are priced risk factors in addition to the theoretically well specified market factor. As far as the turn of the year effect is concerned we reject the claim that the findings are driven by seasonal factors.
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In most portfolio performance studies, a reference portfolio is used to assess the performance of a portfolio manager. The choice of an appropriate reference portfolio is…
Abstract
In most portfolio performance studies, a reference portfolio is used to assess the performance of a portfolio manager. The choice of an appropriate reference portfolio is essential to yield a fair and unbiased evaluation of the manager. In the following analyses, category‐based benchmarks are assessed against established benchmarks to evaluate, which alternative accurately evaluates a portfolio manager's performance. The results indicate that the category‐based benchmarks are more appropriate comparison reference for evaluating the systematic risk of equity portfolios and equity security returns.
The purpose of this paper is to observe listed firms in China during the 2008 financial crisis and investigates how group affiliation affects firm value when the economy turns…
Abstract
Purpose
The purpose of this paper is to observe listed firms in China during the 2008 financial crisis and investigates how group affiliation affects firm value when the economy turns down. The paper focusses the study on answering the following questions: during the crisis, do affiliated firms have higher or lower stock returns than independent firms? Does corporate governance relate to the value of group firms? How does group affiliation influence firm value? Does performance of affiliated entrepreneurial firms differ from affiliated state-owned enterprises (SOEs)?
Design/methodology/approach
The paper uses non-parametric tests and regression analysis on a sample of 1,469 Chinese listed companies to investigate the research questions.
Findings
Affiliated firms have lower stock returns than independent firms by 1.91 percent during September to December of 2008. This poor performance is even worse for firms seriously shocked by the crisis. Good corporate governance can mitigate the negative effects of group affiliation on firm value. The lower valuation of affiliated firms lies in the fact that controlling shareholders undertake more related party transactions at the expense of minority shareholders. Finally, although business groups can provide internal financing for entrepreneurial firms in China, affiliated entrepreneurial firms experience a larger value decrease than affiliated SOEs due to the conflict interest between controlling and minority shareholders.
Originality/value
This research provides unique evidence about the performance of group-affiliated firms during the 2008 financial crisis and documents the mechanisms through which group affiliation influences firm value.
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This study aims to explore and compare the approach and avoidance factors in motivating students to study using three different learning methods: face-to-face learning, online…
Abstract
Purpose
This study aims to explore and compare the approach and avoidance factors in motivating students to study using three different learning methods: face-to-face learning, online learning and hybrid learning.
Design/methodology/approach
This research uses in-depth online interviews to gain insights from students. Purposive sampling was applied to recruit 33 informants from two private universities in Indonesia. The verbatim data were analyzed using a thematic content analysis to identify motivational factors.
Findings
This study revealed four motivational factors regarding the approach to face-to-face learning/avoidance of online learning and five motivational factors regarding the approach to online learning/avoidance of face-to-face learning. Most of the motivational factors (i.e. learning effectiveness, social interaction, campus life experiences, physical wellness, flexibility and technological learning) are also found in the approach to hybrid learning.
Research limitations/implications
The existing qualitative research suffers from generalizability, as does this study. Future research can investigate other contexts or use quantitative research to validate the findings.
Practical implications
By identifying the approach and avoidance motivational factors, higher education institutions can enhance the approach (positive) factors and minimize or eliminate the avoidance (negative) factors that motivate their students to study using different learning methods.
Originality/value
This research complements the existing literature using new perspectives, namely, the approach and avoidance factors that motivate students to study through face-to-face learning, online learning and hybrid learning post-COVID-19.